LONDON -- The FTSE 100, down 262 points at one point, recovered to finish down 183.5 points, or 3.0%, at 5,994.6, as the Dow Jones Industrial Average and the Nasdaq Composite Index stayed in the green. (At least they were in the green when Europe closed.)

Nevertheless, for London traders it was still a day of losses, with only 10 stocks out of the Footsie's 100 ending in positive territory.

Among the gainers were

British American Tobacco

(BTI) - Get Report

, which rose 23p to 330 ($521.40), and

British Telecom

(BTY)

, which ended up 26p, or 2.3%, at

11.51.

Reuters

(RTRSY)

ended up 14p to 985 ahead of its first-quarter trading statement.

The

Techmark

index had a harder time, although it did rally strongly in the afternoon to end 137.5 lower, or 3.9%, at 3,390.5. It had been down nearly 400 points at one stage.

Baltimore Technologies

(BALTV)

turned an

11.00 fall into a 486p gain, or 9.1%, to

58.30.

Psion

, sold down to

21.00 first thing, recovered to end 172p higher, or 6.5%, at

28.02.

Kewill Systems

closed 39p higher, or 2.6%, at

15.40, and

Sage

ended the session 26p higher, or 4.4%, at 613.

The Continental markets also bounced back. In Frankfurt, the

Xetra Dax

finished down only 27.69, or 0.4%, at 7187.14. And Paris'

CAC 40

recouped the early losses to end 11.31, or 0.2%, higher at 6077.02.

In Frankfurt, technology stocks led the midday rally after the initial drop at the opening bell. Software maker

SAP

(SAP) - Get Report

ended up 36 euros, or 6.0%, at 636.00 ($611.61),

Siemens

(SMWAY)

finished 6.81 euros higher, or 5.0%, at 141.51 and

Epcos

(EPC) - Get Report

surged 8.15 euros, or 7.0%, at 124.25.

Of most interest to many investors Monday was the debut of

Deutsche Telekom's

(DT) - Get Report

Internet unit

T-Online

on Frankfurt's Neuer Markt. After DT set a very low initial price of 27 euros per share over the weekend for the Internet service provider, T-Online was able to climb 10.50 euros, or 38.0%, to 37.50 despite all the commotion on the world's markets.

By averting a total disaster with the T-Online IPO, Deutsche Telekom was able to recover from its own losses, ending up 0.99 euros, or 1.4%, to 71.00.

France Telecom

(FTE)

also turned things around, finishing up 1.00 euro, or 0.7%, at 156.00, but

Telefonica

(TEF) - Get Report

ended off 0.50 euros, or 2.1%, at 23.80.

Financial stocks were some of the hardest hit shares Monday, with

Dresdner Bank

(DRSDY)

ending down 2.27 euros, or 5.0%, at 43.30 and

Commerzbank

(CRZBY)

sliding 1.55 euros, or 3.7%, to 40.45.